Ric Elias

buy a new company and the performance of that company would go up a lot after you owned it.

Correct.

Can you pick one story and in some detail describe what it was when you got it and what you did and how it changed?

You think about the core of what Red Ventures...

was, and it still is to some extent, it's a B2B platform on basically doing customer acquisition, performance marketing, growth.

Like at the end of the day, when I sit down with a CEO, I say, look, I can help you grow and you only pay me if that's true.

It's not the hardest sell.

Every CEO needs growth, especially.

And we bring tech, operators, data.

We bring a bunch of tools that are really hard for you to replicate.

And it's easy to measure

that we provide incremental growth versus what you would do yourself.

And so it's usually is the rejection of the organization that makes it hard.

So the timing of this conversation has to be either a new CEO or a crisis or a situation, a business that is usually performing pretty well or feels like they're in a good spot will not want to engage with us in that sense.

So by virtue of our value proposition, we have this ability to take anybody's

customer flows and using all our capabilities make it better.

So we haven't batted a thousand, but we have had more of a quarterback completion rate than a baseball player batting average at taking a company.

And if we bought it at 10 times within two years, it was four times.

And that gave us a lot of conviction to a point where probably we overplayed our hand on our last acquisition.

So it's just one of those.